Aluminium stocks soar on China's tax rebate cut
Business Standard|November 19, 2024
The shares of aluminium manufacturers rallied on Monday on the back of a sharp rise in the price of the lightweight metal over the weekend, following China's announcement that it will withdraw export tax rebate for the commodity.
- SUNDAR SETHURAMAN
Aluminium stocks soar on China's tax rebate cut

The shares of National Aluminium Company Ltd (NALCO) rose by 8.6 per cent, Hindalco by 3.8 per cent and Vedanta by 3.2 per cent. The aluminium prices in the spot market on the Multi Commodity Exchange (MCX) rose over 2 per cent.

China's withdrawal of the export tax rebate, which will be enforced from December, is likely to restrict aluminium flows from China in the short term.

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